Days after being acquired by Amazon Pay, the e-commerce giant’s payments arm, app aggregator Tapzo has announced that it will shut down its mobile app. Making new transactions has already been blocked on the Bengaluru-based startup Tapzo and its customers have been asked to provide bank account details for refunds.
In an email to customers, Tapzo said its app will be shutting down from October 31 and the entire Tapzo cash balance will be refunded to customers’ bank accounts.
“Since we launched the app 3 years ago, we’ve been fortunate to serve over 5 million customers. Your feedback and reviews (200,000+ on PlayStore alone) and the 4.5 rating kept us motivated and always learning. It’s been a pleasure listening to you all and continuously shipping an app update every few weeks consistently. But all good things must come to an end,” Tapzo, which was so far backed by Sequoia, said.
Tapzo had over 35 apps on board including Uber, Ola, Swiggy, Zomato, Nearby, Little, Airtel, etc. Its business model allowed customers to use multiple apps from its platform, thereby doing away with the need for downloading multiple apps and blocking storage space. Tapzo, which claims to have 50 lakh customers, had Freecharge, MobiKwik and Ola Money as payment partners.
How to claim refunds from Tapzo
Tapzo has promised to refund the entire cash balance to all its customers and refund money to all Tapzo Gold subscribers.
Tapzo customers have to register their bank account details on the app, after which refunds will be processed automatically.
If you had purchased Digital Gold from Tapzo app, it is advisable to either sell gold or take delivery from Tapzo partner Augmont’s app.
According to a PTI report, Amazon had bought Tapzo for about USD 35-40 million.
Tapzo has undergone multiple name changes since its launch in 2010 — from Akosha to Helpchat and then finally Tapzo in 2016. The startup had raised Rs 100 crore in funding from Sequoia India and Ru-Net in May 2015, followed by another round of an undisclosed amount led by American Express Ventures.
Earlier this year, it invested USD 22 million (about Rs 144 crore) in digital lending firm Capital Float, as well as USD 12 million in digital insurance startup Acko. It has also reportedly invested in digital payments start-up ToneTag.
This article was first published on livemint.com